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tv   Markets Now  FOX Business  October 4, 2012 1:00pm-3:00pm EDT

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i am lori rothman. melissa: and i am melissa francis. there was last night's debate and most people calling mitt romney the winner. trickle-down government. i wonder what lou will say about that. lori: he has been wanting him to step out and drop the gloves. a lot of people saying he did that last night. we will also talk about retail sales. find out about these winners and losers. what stores are stocking up to grab your dollar as well. hope you like corduroys. melissa: not so much. elizabeth macdonald is at the rock 'n roll hall of fame in cleveland. she will be talking with mayor frank jackson. she will also be talking to joe roman. cleveland is open for business and we are there.
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lori: baseball fans, probably not a shock here, the boston red sox have fired their manager, bobby valentine. they had 93 losses last season. they finished dead last. melissa: it was a tough little series here in new york. lori: no surprise, but, boy, you just get one. to prove yourself. melissa: let's head to the floor of the new york stock exchange. nicole: we are looking at a market that has had up arrows. the dow jones industrials are up. it has pulled back a little bit. the truth of the matter is, we have had strength year across the board. financials have done well.
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take a look at some of your dow winners and we are seeing some of the financials leading the way. for the most part, the dow component in the green. twenty-five of the names have been winners. some of the tech names have come under pressure, including hewlett-packard. they have a down arrow again. we have been following them closely as it is hovering at nearly ten year lows. back to 2003. all of this coming after an analyst conference where they talked about a challenging environment and challenging year ahead. back to you. melissa: thank you so much. oil rebounding after dropping almost 5% in the last two sessions. let's get to phil flynn of the price futures group. >> they are getting an awful lot of help to keep pushing these prices higher. first of all caught you have the products exploding today.
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gasoline rocketing. heating oil rocking. creating a price spike. his comments, the dollar down. the risk entrée comes in in a big way. that always helps out the oil market. a nightmare if you have developed your gas tank. melissa: yes. absolutely. what a difference a day makes. lori: a fresh two-week high for the euro against the dollar. let's go to cleveland. reputation hammered over the years. serious revitalization expected from a brand new revenue generated casino. what is the education system is facing problems? liz claman is there live.
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liz: all of those great new business products and prospects. so much of that has come because of an organization. the partnership has been unbelievable. then, you have the mayor who feels he would give up all of this just to get the kids a great education here in the cleveland public schools which is notorious for having big problems. we want to introduce mayor frank jackson got the democratic mayor of cleveland, along with joe roman. anyway, you have two separate missions. he is big on business. you are big on education. they both need money to make it happen. how are you working together we met i view it as one mission. the success in both. either one being unsuccessful will damage the other. liz: by the way, born and raised
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in cleveland. >> yes 11 and so are you. >> and plan to stay here as well. liz: you have to be proud of all the jobs. >> yes, we are. this is a casino that is coming to our downtown. saying we are not here to build a fortress, we are here to be a lever to make other things in downtown work even better. they have already lived up to it and they have been here only a few months. liz: the halo effect has been quite obvious. there is a historic thing where the horseshoe is taken over. mayor, you have seen the city go through ups, major downs and, also, more downs than ups. >> again, that is why we are supporting education.
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we can do all the development and it will have its own shelf life. if you want to sustain those investments over a long period of time, education is the key and people make decisions for their work, live, locate their business, where they invest. all of that is around education. there is not two separate things. it is the same thing. we operate as a community. liz: we like cleveland. it is less expensive. we cannot ask people to move their entire family. if we cannot say the school system is pretty decent or at least on par, which it is not, you are hoping to get a levy passed on election night, how much money are you asking taxpayers to step up forugh ours
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are not doing well in general, there are some very good school and some very real success stories. we want to make that something that is normal throughout the district. liz: joe, you are the business had here. how do you apply the business to running a school district? do you have ideas? is money really cancer? >> it is not always the answer. very intensively over the last year, what we came to it there are some fundamental rules that are in the way of the school system operating more like a
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business and reaching performances scale. one of them, for instance, the only way we will judge some of our most important employees, like the teachers, is how long they have been there. [ talking over each other ] >> we have now changed that for this urban school system within the state of ohio. >> we did that in cooperation with teachers. it was not as if, well, at the end of it all, we were in complete agreement as to how to proceed which would not have been without their support and input. liz: mayor, he served in the army. he went to cleveland state. joe, you went to harvard. and also the university of new york. what has surprised you about working together? two different backgrounds.
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>> a lot of people have the same goals in mind. the difference is, many times, is the room to get there. that is how people disagree. if we stay focused on the outcome and we are willing to give up self interest, organizational interest to accomplish the outcome, things work. we gravitate back to where we are. liz: the greater good. it is a pleasure to see you working together for this great city of cleveland with the rock 'n roll hall of fame behind me. we are live all day long. coming up later, the governor of the state of ohio. unemployment was at 9.9%, even about that and today it is below the national average at 7.2% because he has worked with people like mayor jackson. we will be talking to him about
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last night's debate and get his thoughts on cleveland and ohio. it is a key battleground state. melissa: it is all about jobs and education. thank you so much. we will look forward to that next interview. taxes front and center of last night debate. a look at romney's plan. what gets cut and where the revenue would come from. lori: let take a look at metals like we do every day at this time. silver is also gaining ground. copper is flat. i think people feeling better about the economy. gold is a precious metal trade. we will be back with more after this. ♪
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♪ melissa: one of the hottest topics in last night's debate was taxes. especially that romney's plans. he has answered some of his critics giving other details of his plans. rich edson is in washington with more on this story. this was one of the big talking point last night for sure. >> yes, it really was. he is leaving most of the details of to congress. predicting what it would actually do. here is what we do know, romney reduces taxes by cutting marginal rates by 20%.
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repealing the amt. the tax policy center says all that means is tax cuts of $480 billion in the year 2015. the obama campaign will divide that by ten and there is a $5 trillion tax cut figure over the next decade the president repeatedly cited during the debate. that is misleading. romney says he raises the full cost. he raises money elsewhere. personal exemptions and healthcare provision -- congress could presume economic growth from lower tax rates need more tax revenues to the treasury. economic growth means romney's plan works. >> it grows the economy so much. about 7.4% in the long run. over ten years.
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this revenue problem becomes much smaller. >> others like the tax policy center and the congressional budget office do not use overall economic growth as official ways to pay for lower tax rates. mcbride says it is somewhat ridiculous not to do so. there will be some growth from doing it. back to you. melissa: rich, that is so interesting that you got him to quantify the kind of growth we could see with that 7.4%. that is a part of the conversations that get really tough. >> a romney a point to a rise university study. half percentage point to gdp annually over the decade. melissa: great analysis. lori: finally some details did thank you so much. if a lot of people are craving the outcome of the debate last night.
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but check the markets with nicole petallides. nicole: i am taking a look at two names. first, let's take a look at ebay. a couple of analysts talking about ebay today. it is rising. the growth potential for paypal. paypal is a larger piece of ebay overall profitability. that is a key driver. you see it up almost 2% today. ups downgraded to a factor performer. seventy-five dollars from $84. these package companies have come under pressure. lori: 50th have that barbara
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feith. melissa: up next, charlie gasparino has exclusive details of a battle brewing in washington. it is over billions of dollars. lori: let's talk about the dollar. i cannot figure out why gold popped today. you have a much weaker dollar. melissa: there you go. lori: answer, question, mystery solved. back with more after this. ♪ ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people
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♪ >> my headgear fox fox news minute. turkey's parliament has authorized -- a top turkish official says syria has formally apologized for the shelling that killed five civilians yesterday. they have told the un it would not happen again. police have been deployed in iran after the country's plunging currency. sporadic protests have erupted over the credit crisis which is given up prices.
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the red sox have fired bobby valentine one day after completing the franchise work. the red sox finished last in the american league east. the search for a new manager will begin immediately. those are your news headlines on the fox business network. lori: yankees fans are bummed about that news. he was great for us. [laughter] melissa: a feud has broken out between eric schneiderman and the exchange commission. charging jpmorgan with securities fraud. why is the sec so mad? charlie gasparino has the explicit details speaking we should point out that the suit is very narrow. it is about bear stearns. here is what we know from sources close to the securities exchange commission and close to the banks involved.
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that is assumed that just came out on schneiderman. overshadows a bigger case. the sources are telling us, basically, they are ready to do a deal with the banks, all the banks, bringing a multi- dollar settlement. it is not just jpmorgan. it is all of them. it is a big number. from what we understand, hundreds of millions of dollars for each one. that could be over a billion dollars. this could be the largest financial crisis related fine and settlement. they came up with what they think is a cheapo case. jpmorgan had a comfort letter from the securities and exchange commission. melissa: i believe you broke the news on "money."
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speaking jpmorgan is not really worried about baier. this is, from what i understand, a big number. i think it will be the largest global settlement, largest fraud settlement financial crisis we have seen. the schneiderman is interesting. it is very narrow. it disguises the bigger issue out there. the sec, from what i understand, is just hopping mad over this. they have been investigating this for a few years. they think they have a pretty good case. the banks have been buying some of these mortgage backed securities from their investors. what are they doing that? they are trying to on ground
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this whole thing. show the sec they have not committed securities fraud. i believe schneiderman charged them with security fraud. it is under the martin act which gives them wide latitude where you can charge fraud over a parking ticket. the sec will not go as far as 810b5 charge, but the number will be pretty big. lori: why, is it silly to think that the office would have met or discussed this with the sec that had this so they would need on the same page? charlie: i think they did discuss this. listen, why do they call it that a g? i covered him at the "wall street journal." i did a story which gave him his first big case.
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i know this office pretty well. there have been a couple of junkyard dogs in that seat. i think cuomo was a junkyard dog. it is a stepping stone. i think this went a little further. the case was very narrow. he did not -- he basically -- it was a cheapo case. bear stearns has been dead for how many years. not one executive was mailed. did they name one person that went wrong? you're responsible for what a bunch of lunatics out there did. your shareholders will have to pay up for something. by the way, we should point out, the government asked jpmorgan to buy bear stearns five times.
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i bet when you add it up, it is a wash. melissa: charlie gasparino, thank you so much. lori: numbers from the retailers are rolling in today. next, we will take a look at some of the winners and losers. find out why some of the retailers are betting big on melissa's pick. melissa: take a look at some of today's winners and losers on the s&p 500. netflix trading higher. look at that stop. jumping higher again today. 6.5%. we will be right back. ♪
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♪ melissa: time now for stocks as we do every 15 minutes. let's head to the floor of the
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new york stock exchange. nicole: shop until you drop. we are taking a look at some of the retailers. reports back-to-school is better for some retailers. some other consumers are tightening their wallets into the big holiday shopping season. i want to take a look at the names that beat the street. the gaps, tj maxx, limited brands. we should note that the gap really surprising everyone and surpassing expectations posting a 6% increase in same-store sales. the stocks is that hides that we have not seen since 2000. some of the methods include target, macy's, nordstrom and buckle. buckle being the only one that actual felt. that does not mean that they will have down arrows all day.
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some of eros there. they did this in some cases did back to you. lori: you set us up beautifully with our next guest. one shop is talking the trend by getting on trend by getting into the color gene trend. can the gap keep this winning streak going into the holiday season? we have the managing director. dorothy, it is wonderful to have you here today. that gap, is it really all about the colored jeans? which are now corduroys for the fall and winter season. >> for that gap, continued strong results are also coming from having a complete outfit. doing better with tops, accessories, sweaters, i think it is really the whole package that is making gap continued to have such a solid numbers. lori: gap need a name for itself
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by taking two basics. what is the trick for the retailers in this group? these midline everyday retailers, if you will, for lack of a better term. stick with the basics or work with the trend? >> i think it is a question of being true to who you are. gap became well known for doing basic sweats and things like that and a lot of different colors. as they start to do more fashion, it was basics with a twist. not just a plain t-shirt, but a t-shirt with a little pocket. i think today they are definitely doing tops that have a lot more interest and clearly the color really feeds into one of their core strength. lori: colored bottoms. then you bring in names like abercrombie and american eagle. there is nothing that sticks out to me to what they are doing right now.
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is that a problem for the latter to? >> i think gap serves a much broader demographic. they are doing more marketing to get traffic into the store. that is really working for them. american eagle and abercrombie are focusing more on the younger customer. american eagle has clearly been performing better. very strong court denim business. colors also been a core american eagle strength. one american eagle does that abercrombie does not is it has a lot more newness in the store, much more new product, fashion, trends, american eagle also has footwear, jewelry, everything to make a teenage girl going in there, it gives her a complete outfit. lori: from an investment perspective, you point out that the retailer group is relatively
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cheap versus other competitors. you see upside going into the holiday season. it sounds almost too good to be true. >> well, the thing is, from our perspective, the economy is improving gradually. you are seeing some better trends. i think consumers, frankly, are tired of feeling bad about things. they want to feel more optimistic. that color trend feeds into the optimism. last year they got slammed with very high cotton prices. this year we had the tailwind with much lower cotton prices. inventories, in in general, have come down. all of those things go into making what could be a pretty decent holiday season. lori: which is the retailer to own for your portfolio? >> good numbers out of gap. lori: i knew you were going to say gap. >> but we also like american eagle.
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lori: thank you for your information. melissa: is president obama pushing down trickle government? lou dobbs will be here on last night's debate. lori: talking about the debate in the results, i think we are seeing a reaction and treasuries. they are selling off today. people perhaps are comfortable with romney's proposal. 1.64 on the tenure. you also see gains and yields on the 30. back with more after this. ♪
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♪ >> im cheryl casone with your fox business brief. the bullish tone on wall street continues. right now the dow is higher by 95 points. 13,590. credit card delete wendy's fell to their lowest level. people continue to save more and borrow less. the number of consumers failing to pay their credit card bills on time dropped to 2.9%. you can be a winner even if you are a loser. jetblue is giving away more than 1000 round-trip tickets at the politician of their choice does not win the presidential
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election. you can go to the website and enter the contest. why not. that is the latest from the fox business network. giving you the power to prosper. ♪
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♪ lori: debate number one is in the history books. >> we also believe in maintaining, for individuals, the right to pursue their dreams and not to have the government substitute itself for the rights of free individuals. what we are seeing right now, in my view, a trickle-down government approach which has government thinking they can do a better job than free people pursuing their dreams and it is not working. lori: we have this trickle-down government as romney called it. lou dobbs is here to way and. lou: it is great to be with you.
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a poll on cnn 67% having romney the victory. usually everybody fudges that just a little bit. that is the biggest margin of history. it was a stopping by any estimation. governor romney brought more energy, and frankly i think more intellect and knowledge to that debate. he just was spectacular. i hear a number of people that keep this been going from the spin room last night talk about the president just not being into it and not being prepared. what we were watching was not a difference in separation, we were watching a difference in capacity. governor romney put on an extraordinary performance. melissa: what do you think becomes the take away quote? i think trickle-down government may be the take away quote.
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it is so perfect. lou: trickle-down government relentlessly over the course of the days until november 6. it is precisely -- it is precisely frank. melissa: it captures what is going on. lou: this governor laid it out starkly, clearly, this is a choice as he has been saying for some time. it is a choice. between government and freedom, between entitlement and opportunity and he drew that clear line. he did so eloquently and i think just utterly brilliantly. lori: we are both inhaling to ask the question. there is so much to discuss here. i think the big bird, it sticks out as well. lou: that was a moment of
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romney's humor. melissa: obama always wants to remind people how beautiful his life and wife is. lou: all of the commentary and chattering, including ourselves, had said, of course, romney well congrats the president on his anniversary. he did so, but he did in an unexpected, humorous, warm human way. lori: one of your main criticisms of romney has been tougher, details, more direct. are you satisfied? lou: satisfied? governor romney put on the single best performance by any
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presidential candidate in history. he was absolutely perfect. [ talking over each other ] he does not have to top it. he does not have to match it. he was speaking to tens of millions of americans whose view of the governor had been defined by the hundreds of millions of dollars of advertising of the obama campaign. there would be an affected grin, but then never follow up to explain to the joke was on. by the end of the evening, it was clear who the joke was on. it was not anyway an expression of enjoyment. he was lost and he knew he was outmatched. president obama lost big. in fact, i think a case can be made and we will see in the weeks and debate that had.
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he just lost, probably, is opportunity for reelection. lori: we will leave it there for today. the dow up about 90 points. lou: and -- the answer is, for the viewers at 7:00 o'clock eastern tonight, is it the beginning of what will be an even bigger romney rally as the days unfold. melissa: thank you so much. last night's debate having a noticeable change on the stocks. nicole: i wanted to take a look at some other healthcare related stocks. this on the focus of the debate.
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they are so directly correlated as to who wins the presidency and about dirty something days. i have lost count. thirty-two days, maybe. most people are coming up with the idea that governor romney one last night. so directly correlated after obama's healthcare overhaul law. we want to also take a look here at some of the insurers which are actually gaining today. we are seeing some of the arrows. to lou dobbs point, some pointing out we have broken out continuing to see momentum here to the upside. back to you. melissa: thank you so much. hewlett-packard taking a big type yesterday. continuing today. s&p analyst just cut his target. he said he had more than just the guidance that worries him. he will join us after the break. lori: we will show you some more
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winners and losers on wall street as we head to break. we will be right back. ♪ 0t[h7
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♪ lori: we are minutes away from getting an inside look at the fed reason for a third round of stimulus. first let's check in with sandra smith. did she hear us? sandra: we are live on the trading floor today. we have the minutes from the fed coming up in just a few minutes. the equity markets are higher. you have a weaker u.s. dollar. the trade is gold.
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>> the trade is gold. a lot of individuals have have traded on the new recent highs. 1800 is big resistance at the top. if we touch about that, we will go up as much as $40 in very few trading sessions. sandra: crude oil prices are up, energy stock prices are higher, what is the trade ahead of tomorrow? >> the trade is going back into the risk. mario draghi drew the line in the sand. we will do what we have to do to take the powerful stance. right now, i think, it is back on. that is why you are seeing oil. i believe, right now, the vix is a great position to increase as people start making risky investments. sandra: thank you for joining
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us. a portfolio manager. i will hand it back to you. traders have a lot on their plate in that big jobs report coming tomorrow. lori: i love hearing risks on. melissa: hewlett-packard's struggle continues after flooding to a nine year low. our next guest says it is not that outlook that has him worried. it is the strategy. angela zeno of s&p capital iq joins us now. do they have a strategy? >> they do have, they have laid out some sort of strategy. unfortunately, the key take away we got yesterday was that this will be a longer than expected turnaround and it will be painful. when you kind of look at it, we are looking at three-five years recovery, if you get a recovery at all. there are three ager issues at
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hand when it comes to hp, at least an hour you. it has to do a lot with this ceo turnover. we are on our fourth ceo. that is something that could be changed. however, the other two issues being a shift in technology in recent years, that being mobile, you kind of look at tablet specifically. that has been the fastest-growing segment product out in the market. melissa: what is number three? >> number three is going to be competitive pressures. you look at the manufacturers out there. they are eating hp right now. melissa: meg whitman is a good ceo. she has proved that in the past. maybe she could write the ship.
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sony people have moved into mobile that it is that's a lot of companies have been having this problem. >> they are attempting -- the real solution is you have to come out with that of products. you have to focus in the right areas. the two areas we need to focus on our the cloud and tablets. they have not had success on the tablet -based. hopefully windows eight has some real success. melissa: why do you not have a cell on this stock? >> when you look at their assets, we continue to see value. the sun angela, i am sorry we are so tight. thank you for playing along. lori: ohio continues to come back from the depths of recession. liz claman talks to the man in charge. that will be live outside of the
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him. nicole: unemployment numbers getting back up. if you so far away. the brick to the downside. we are than commodities moving higher. gold has been key in approaching the $1800 pounds mark peered wanting to take a look at the financial markets. we are watching names like bank of america, jpmorgan, we have seen citigroup and morgan stanley shining today. the banking index is higher. in some case, some did very well. back to you. tracy: nicole mentioned the financials.
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they are up because of mitt romney's performance last night. ashley: our next guest says do not spike the fed. joining us is hank smith with more on the let's talk about that fomc minutes. hank, it seems to me that the fed is saying what we are all saying, a lot of caution and skepticism from a lot of members that qe3 will have limited value. what is your reaction? >> what i think was implicit in those notes, the fed notes, was that for 90 and that all fmc is buying an insurance policy with this open ended qe3. we know that the fiscal cliff turbochargers into a recession and the fed wants to have all available ammunition to go all in to fight that.
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the stock market does not think the fiscal cliff is going to occur and that is why it keeps turning up. the two operative clichés, if you will, regarding equity investing right now. tracy: . there is also the make sure you cover your butt one also. the fiscal cliff will not happen. where do switch your money? >> well, i think that is why you need to have a balanced approach and do not go to aggressive with what we would call offensive force that nicole companies. on the other side, we own the traditionally defensive companies that hold up well in 08 and 09 from staples and healthcare names like mcdonald's , walmart, johnson &
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johnson, the first two were the only two positive stocks in the dow in 08. truly defensive companies. we feel you need a balance in your portfolio. ashley: it could set the tone for the markets. that tone could be pretty negative. i learned about that? >> well, so far all of the last ten quarters made even more corporate profits. or brett profits are slowing. that is where we are in the cycle right now. i think the real question is looking forward in 2013 as the fiscal cliff is adverted and congress and the president come to an agreement on a progrowth comprehensive tax reform then all gdp estimates, and corporate profits we accelerate north. tracy: about ten seconds, you
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think this rally is because of romney? >> i think a little bit to do with it. regardless of the outcome of the presidential election, as long as we have a split government and a split government will force either candidate to come to the table in terms of comprehensive tax reform. tracy: we hope. ashley: thank you so much for joining with us. the first two weeks canceled of the upcoming season for the national hockey league. the preseason was wiped out. now we are hearing that the first two weeks of the regular season also canceled. tracy: our stage manager is distraught right now. what did you do to him? find another sport, josh. coming up. a multibillion dollar budget shortfall. it all happened under governor of ohio. he shares his secrets next with
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liz claman. ashley: let's take a look at oil and how it is trading. dropped 3.75 a barrel yesterday. trouble in the middle east bringing oil back up to 91.40 a barrel. we will be right back. ♪ ñ
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ashley: cleveland rocks. what do the numbers tell us? when john kasich took office last year, don employment rate was 9%. liz claman live at the rock 'n roll hall of theme in cleveland. liz: john kasich has dedicated most of his life to public service. in 1988, four columbus, ohio, you were a congressman and you seemed always to me that you
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cared about every man and you really cared about job creation. that has not changed. the numbers look a lot better for ohio. >> when i came in, we have lost 400,000 jobs the previous four years. now we are up 123,000 which is really great. our credit outlook has improved. we are doing better. it was about 500 million. now we are number one in the midwest for job creation. liz: having been 48 in the country. >> ohio is incredible. you are kind of an ohio girl even though you come from out west. we have 11.6 million. we have great cities. cleveland is an incredible city. when the reputation catches up with the reality, people will be blown away. we have great cities. great role areas in great
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suburbs. what we have done is we have built our business in ohio. people think it is just manufacturing. healthcare and financial services, energy, logistics and it, our greatest growth last quarter was it jobs. liz: that is a surprise to people where people look at that where they think it is in industrial city. there is a lot of auto-parts creation here. this was a steel town for a long time. not anymore. >> manufacturing is still important to us. think about legal and clinic. university hospitals. these are incredible. i was just at the cleveland clinic the other day. we have our manufacturing, a lot of specialty manufacturing. we have it, financial services -- the thing about our ohio is
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we are diverse. we can have great distribution. it is basically stabilizing the country. if you look at illinois, okay, it is great to live near the simpsons. those people there have to think about going to a place where we are stable. that is what we have done in ohio. liz: you talk about job creation. and a significant turnaround there. how did you do it? what was the number one thing you tackle to make that happen? >> we were $8 billion a whole. the largest deficit in the history of our state. we told the regulators, look, business is not the enemy. we have very tough regulations on hydraulic fracturing. we do not spend all day getting in a situation with business where we cannot give them an answer. when they find we are not doing
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a very good job at something, we go right back at it. we want the job creators to feel comfortable. liz: you kind of went over the wii balance the budget. you did some controversial cutting. sometimes that is what you have to do. how do you stand up to that? how to get people on board? >> you want to bring people on board on all of your reforms. we are reforming the cleveland schools here like no one has ever seen. the mayor asked me to help him. i said great, fantastic. we involve people for the reforms that we need. i want people today or suggest to people today, do not be afraid of change. we are looking at the ways we can make the turnpike work for us. change sometimes frighten people, if you handle it in the right way, you can when. i am not in the job to take care of me. i am in the job to do something for the folks. if it is about me, then i him
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not doing right by my family. i came into this job to try to help the state. i have been in politics for quite some time. i was out for ten years. coming back in, my wife finally let me move back into the house. [laughter] she gets it too. she spoke today to a hispanic audience. she did a great job. liz: last night during the debates, ohio was mentioned many times. the cleveland clinic. it is a key battleground state. you are a romney supporter. he said he would not bail out the auto industry if he had the auto -- opportunity. >> it shows we are down 500 auto jobs. 123,000, the bulk of them are related to specialty manufacturing, financial services, business services, you know, we are making gains in
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energy, it, but in terms of autos, we are thrilled that they are here. the auto industry of chrysler shrinking their industry. honda does a great job. we love our auto industry. it is not just that. ohio is not just a one trick pony anymore. liz: that is why we are here. [ talking over each other ] liz: good to see you, governor. thank you so much for joining me. 1988. it has been so many years. they met i had ten years that box. which chair to isolate this. liz: we are live all day long. coming up in the next hour, the whole show live from cleveland rock 'n roll hall of fame.
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this business brings an unbelievable tourism. kerry stuart who is the ceo of the rock 'n roll hall of fame came here. he will be joining us and showing us some of the unbelievable memorabilia and, oh, yes, major league. we have fark should borrow it is the president of the cleveland indians. what people need to do to turn this into a winning franchise. back to you. ashley: thank you so much. donna summer is also up for a reward as well. tracy: everyone go vote. we are all appalled. it is quarter after. actually, it is much later than that. it is about 19 after. we have to go to nicole petallides.
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nicole: peter: have you been watching the dow. still up more than half a percent right now. some of the key retailers. names like that gap had easily impressed wall street. that gap stock has moved to levels we have not seen and 2000. some of the names we are continuing to follow, target, walmart, kohls. names like the limited, tj x, macy's, nordstrom, they actually came in a little less than expected. how will people stop? how will they shop for the holidays season? heavy hiring for the holiday season. back to you. tracy: see you in 15 minutes. probably a little less at this point. a better than expected harvest following this year's draft. the impact on food prices with
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the help of one out our favorite commodity traders who was also a farmer. ashley: he has a cow jacket to prove it. how is the dollar trading against the foreign currencies. we will be right back. ♪
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>> 24 minutes past the hour, or fox news minute. a spokesperson for u.s. secretary says he is alarmed by alarming evidence on the turkish border. turkish military fired on targets in syria for secon a sed day now after turkish parliament authorized military operations. turkey made the move after shelling killed five civilians of a order come. turkey has admitted responsibility and has publicly apologized. an outbreak of a rare type of meningitis is expected to grow after already killing four people making at least 26 others in five states six. officials for the cbcs they contaminated steroids injections may have been shipped to 23 states. and we have some disappointing news for you if you're a hockey fan, the lockout continues.
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the national hockey league canceled in the first two weeks of the regular season, a total of 82 games the absence of collective organ in agreement. those are your headlines on the fox business network. ashley: thank you so much. tracy: this year's harvest taking place at a record pace. that is pushing crop prices down, so how big of a hit will the farmers take? jeff flock in illinois at the family farm of one of our favorite cme traders. where the heck is he? >> look at where i have got him. this is his ancestral homeland. where he grew up. you're watching the harvest right now. as we reported earlier, tends to be better than they thought, and
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so that would be positive for prices bringing prices down. >> we have had a decent harvest because of the dry weather. some really good interesting things to note. tracy: we're losing him. i love that he actually works in the field and goes into trades the product. they call him the ben & jerry's guy. hopefully we will get him back in the next hour. ashley: coming up, everybody is talking about the presidential debate but would it really changed the way anybody votes? gerri willis will share her thoughts next. tracy: let's take a look at the winners and losers on the s&p 500. up again today. 6.7%. we will be right back. greetings from the windy city of chicago.
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tracy: 30 past the hour. a check of the markets as we do every 15 minutes. nicole petallides on the floor of the new york stock exchange. and you have a friend. nicole: that is right. we're debating about what to talk about first because so many things on the table from the debate to headlines, let's kick it off with last night's debate and how it affects the market today. >> it really gave a shot of enthusiasm to the market. i thought both candidates did a great job. most people are not talking about romney came out as almost a different person than he has
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been. this presentation was better, he was clear and defined. i think obama was not necessarily prepared. i don't think he was prepared for what he saw last night. nicole: that being said, romney nailed this thing, talk about the fact repealing dodd-frank maybe some folks say this is a romney rally, do you think so? >> it is a little bit of a romney rally, but the market has been stuck in that range, which is right where we are. i think the whole discussion about repealing parts of dodd-frank is all part of the discussion. do i think that will happen off the bat? no. but i do think there is enthusiasm because people are thinking the race could be closer than they thought it was. nicole: the momentum and anticipation building ahead of
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the election. thank you for joining us. back to you guys. tracy: we will see you in 15 minutes. ashley: the economy woes topping the president to debate with president obama and mitt romney's firing on everything from the federal budget to tax cuts. romney got in a few good jabs including this one when he used his experience as a businessman to go after the president's comments about companies giving tax breaks for sending jobs overseas. >> i have been in business for 25 years, i have no idea what you are talking about. i maybe need to get a new accountant but the idea you get a break for shipping jobs overseas is simply not the case. we need to bring money from overseas back to this country. ashley: gerri willis with her take on the debate. mitt romney was fired up, ready to go, but appeared the president wasn't. >> that is what was so surprising.
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we were all surprised by that, but mitt romney was a hit. he did things in a lot of different levels not only was he well prepared, he had talking points, gracefully put together. he said nice things about the president where he could and where they agree. he seemed like a nice person. he would not want to have a diet coke with him, would you did a? yes, i would. he was funny, even making fun of the moderator. doing a really nice job at engaging or presenting himself as an engaging person. with you and all of us covering solyndra, covering the president's energy plan. >> that probably will not
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survive. but you put $90 billion into solar and wind, i had a friend who says he don't just pick the winners and losers, you pick the losers. this is not the kind of policy you wanwants to have to get amea energy secure. tracy: he followed up and said $90 billion u.s. into green energy would have hired 2 million teachers. that to me is the kind of argument, kind of facts that that crystallizes his vision and makes you understand what he is talking about. ashley: it'll be interesting to see how the polls reflect this, but certainly round one goes to him. >> we have issued an invitation
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to big bird because mitt romney wants to shut down federal funding for npr including the home of big bird. he mentioned big bird by name. it is critical somebody get big bird on and i hope it is us. ashley: i think his feathers are very ruffled right now. he is moping. thank you very much. "the willis report" tonight on espn. look at oil for you. making up for the loss of yesterday. we will be right back. [ male announcer ] let's say you need to take care of legal matters.
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with total customer support. legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarant. so go to legalzoom.com today and see for yourself. it's law that just makes sense. >> i am robert gray with your fox business brief. the rally on wall street is holding steady following the latest minutes from the federal reserve of the u.s. economy. some members are skeptical more actual boost the economy. right now of 81 points. green arrows across the board. medicare fraud strikeforce charging 91 people with medicare
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fraud. including doctors, nurses and other licensed professionals in seven cities. more than $429 million by the medicare fraud strikeforce. factory owners slipping more than 5% in august rate down by slumping demand for transportation equipment. marking the biggest decline since january 2009. that is the latest from the fox business network giving you the power to prosper.
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ashley: shares of u.s. home builders have been on a tear. many stocks more than doubling over the past year, so with the huge run-up is it risky to buy in now? joining me now, homebuilding
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analyst for rbc capital markets. thank you for being here. the fac phase of recovery is stl painfully slow. before we get to the individual stocks, credit lending still very tight. i think you can't have a recovery in homebuilding until you have the recovery in the home market. >> i disagree with that. one of the premier u.s. home builders yesterday. they characterized the recovery is being in full swing. we're totally in agreement with that. i agree with your point, slow gdp growth, high unemployment, but nonetheless the leader in the recovery if we have one in the broader economy is likely to be held. coming off a depressed space with a lot of momentum. ashley: home prices for instance beaten down so much any improvement may be giving a false picture, what would you say? >> we're bullish on the pricing
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outlook, we see price stability of existing home sales and better pricing in the new home market, why is this? less distressed inventory. working through the mountain of foreclosure inventory peeking out last year and in 2011. since then we see a lot tighter levels of housing in the secondary market, this is supporting better pricing trends. ashley: what about getting the lenders, very tight indeed, how much of a problem is that in home buying? >> how big of an issue will this be? we have had very tight credit conditions, this is not a new development. our view is displayed the tight lending conditions we will still see a lot of velocity in new home construction. ashley: still have not perform
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rating of $46 price target doing things right, who else do you like? >> we also like kb homes. they have made amends, lots of improvements and companies like fortune brands in the u.s. gypsy. a number of ways to play the recovery, we're still constructive on all of these names. ashley: it is not too late to jump an in even though they have had a good run. >> we have come off of a very low base. three to five year recovery period construction will continue to accelerate, likely to improve as well. all these stocks have upward mobility and are poised for capital appreciation if our outlook remains. our general view is this, the broader market improves and continues upward, in terms of stocks, these stocks will outperform. that is why you want the exposure. ashley: thank you for being
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here. great stuff. it is improving, no doubt about it. tracy: president obama is mitt romney squared off in the first debate last night. according too many people, the star of the night wasn't either candidate. dennis kneale joins us now. the story we alluded to earlier. >> the most created a political event ever. the real star was sesame street big bird thanks to this right here. >> i'm sorry, jim. i'm going to stop providing to pbs. i like big bird. >> that blew away the democratic convention. bush had nine and a half million
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messages over three days. and after romney made that one-liner, the phrase big bird got 17,000 times per minute. pbs at 10,000 times per minute. big bird shot up to the fourth most term on google. trading worldwide, new twitter account open, but how insightful was the tweet talking to distract the substance of the debate? i love big bird they stop pbs. the tragedy of mitt romney as he knows people kill everything she loves. the big cnn came up with this, breaking, big bird two campaign, he would put big bird on the chopping block.
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sesame workshop putting up this statement. in nonpartisan non-prophet organization. we're happy we can all agree that everyone likes big bird. tracy: i love big bird. ashley: time for stocks as we do every 15 minutes, let's go down to the floor the nyse. and nice boost. nicole: from the debate last night we have watched financials and health care, how about coal. they're doing quite well, all this and what we heard from governor romney last night saying things such as i'm going to make sure that we can continue to burn clean coal. i like coal.
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saying coal producers and companies feel like they're being crushed by the current administration policy and with this type of talk gets a big boost. back to you. ashley: thank you very much. tracy: the fiscal cliff putting the brakes on the acquisitions. when, if ever, will it bounce back? next. ashley: some of the winners and losers. the dow up 90 points, stocks up.
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ashley: oil prices jumping on fresh concerns about security of middle eastern oil supplies. sandra smith has today's "the trade." sandra. >> take a look at the prices because oil prices are spiking and pretty much gaining back everything they lost in yesterday's session. tension going on in the middle e east, concerns of overall supply leading to an overall rally in the crude oil market. natural gas, heating oil, the energy complex is higher. i also want to bring in ben, he's watching crude very closely. you say you have information the charts don't show us.
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what are you seeing? >> we have seen high volatility. everybody up in arms to see what caused the huge break to the downside yesterday and basically reversed all of that today a strong spike up over $3 right now. closing out really strong, the exact opposite of what we saw yesterday. basically pulling it all back up to yesterday's high. >> the s&p 500 charts, this does not tell us much, but what do we need to know heading into the jobs report, pretty much flat heading into that. >> give the benefit of the doubt to the upside coming off of the 1425 level with conviction right now clearly the last few months establishing value to the upside, so you can't really face this because you're trying to pick tops at this point. >> you are saying be long into
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the. we're in the trenches with the traders. a lot of moving on that, back to you guys. ashley: sandra smith, thank you. tracy: the clock is ticking closer to the fiscal cliff. our next guest says it is not the weight, it is the outcome holding major deals. joining us now, the fiscal cliff seems to be holding everyone hostage, doesn't it? >> of course unless you need to make a decision now on anything, an accusation is a major long-term investment. committing to it at this point when you can wait for a couple of months and know what the economy is going to be doing. tracy: all aspects are in a holding because of the fiscal cliff. the worst m&a activity since the financial crisis.
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>> it is slower right now than it was a year ago. most people have predicted for 2012 we would have very strong m&a activity. lots of cash, lots of pent-up demand because activity levels had been lower, and very attractive financing market. so all of that is usually for deals. but partially the overhang of europe and china, but more than anything else the fiscal cliff and the inflection, people are just waiting. tracy: during the financial crisis you cannot get any liquidity, now you have it, but you have a conviction. >> is a lack of confidence from boardroom ceos, cfos and they just want to have a better sense of where the country is going, what the economy is going to be doing, before they make long-term investments. tracy: were there any bright
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spots? any part of the world doing well? >> one of those perfect storms where the activity level is really down across the board in terms of global, corporate m&a. we expect a lot more acquisition activity from asia and latin america that has slowed down partially because of the economy, but why invest in the u.s. when you note the next four years are going to look like. tracy: where do you think you'lu will see the big-money running to? >> you will see a lot of m&a in the u.s., you will see it in a lot of sectors, certainly retailing, the homebuilders, those stocks have been beaten down. you will see it in consumer goods but across the board in a lot of sectors. tracy: we just have to get rid of the uncertainty.
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it is everywhere. ashley: it is, the fiscal cliff hanging over us. the gals are rocking. nominated for induction into the rock 'n roll hall of fame. coming up next, liz claman will take us inside the hall of fame with the president and ceo. a rocking edition of "countdown to the closing bell" coming up next.
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♪ ♪ cleveland rocks ♪ cleveland rocks ♪ cleveland rocks ♪ cleveland rocks ♪ cleveland rocks ♪ liz:

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